Mumbai: The Income Tax Return (ITR) filing season for the financial year 2024–25 (Assessment Year 2025–26) has started from April 1, 2025. All taxpayers must file their ITR by July 31, 2025, to avoid penalties and other issues.
The Income Tax Department has released all ITR forms from ITR-1 to ITR-7. Taxpayers must choose the correct ITR form depending on their income type and entity type to avoid rejection of returns.
ITR Forms for Individuals
Who: Salaried persons, freelancers, and professionals.
Taxation: Based on income slabs. Different rates for general citizens, senior citizens (60–80 years), and super senior citizens (80+ years).
ITR-1 (Sahaj): For salaried individuals with income up to Rs 50 lakh.
ITR-2: For those with capital gains or more than one house.
ITR-3: For people with income from business or profession.
ITR-4 (Sugam): For people under presumptive income scheme (Section 44AD, 44ADA, 44AE).
ITR Forms for Hindu Undivided Family (HUF)
Who: Families with common ancestry, considered as a separate entity.
Taxation: Same as individuals with special benefits.
Forms: ITR-2, ITR-3, or ITR-4 depending on income source.
ITR Form for Companies
Who: Private or public companies registered under the Companies Act.
Taxation: Flat corporate tax. In some cases, Minimum Alternate Tax (MAT) applies.
Form: ITR-6 (Not for companies claiming exemption under Section 11).
ITR Form for Firms (Including LLPs)
Taxation: Flat 30 per cent tax plus surcharge and cess.
Form: ITR-5
AOP/BOI (Association of Persons / Body of Individuals)
Taxation: Either individual tax rates or maximum marginal rate, based on situation.
Form: ITR-5
Local Authorities
Who: Municipal bodies, panchayats, and others.
Taxation: Income from commercial activities is taxable. Some income may be exempt.
Form: ITR-5
Artificial Juridical Persons (AJP)
Who: Entities like trusts and societies not covered under other categories.
Taxation: Based on income type and entity nature.
Forms:
ITR-5: For general AJPs.
ITR-7: For those claiming exemptions under Section 11, 12 (like charitable trusts).
Why Choosing the Right ITR Form is Important
Filing the correct ITR form helps in easy processing of your return. It reduces the chances of mistakes and rejection.
